Hong Kong Insurer Expands Into Digital Assets

Former Coinbase Japan CEO Joins Fidelity-Backed VCWell-known investment firm Eight Roads Ventures has recruited the former CEO of Coinbase Japan to join them as a partner within the firm.Eight Roads Ventures, a prominent investment firm backed by Fidelity with assets worth over $11 billion, has announced the hiring of Nao Kitazawa as a venture partner. Kitazawa brings a wealth of expertise and experience garnered at Coinbase Japan and elsewhere in the digital assets industry to the firm.In a recent LinkedIn post, Kitazawa expressed his excitement about joining Eight Roads Ventures to pursue his passion for fintech and Web3. He acknowledged the firm’s successful track record of supporting innovative and disruptive companies and considered it an honor to be part of such an organization.Photo by Marten Bjork on UnsplashCoinbase exited JapanKitazawa’s tenure at Coinbase Japan came to an end earlier this year, coinciding with Coinbase’s decision to exit the Japanese market due to prevailing “market conditions.” His appointment at Eight Roads Ventures indicates the increasing interest and involvement of Fidelity, the firm’s backer, in the cryptocurrency space.Fidelity has been making significant strides in the crypto industry. EDX Markets, a crypto exchange backed by Fidelity, recently announced its launch despite regulatory challenges from the United States Securities and Exchange Commission (SEC) and a bearish market environment.TradFi heavyweight in cryptoFidelity is probably the standout heavyweight firm from traditional finance which has stepped foot in the crypto space from early on. It has done so through Fidelity Digital Assets, its crypto arm. The subsidiary company quietly rolled out its trading platform this year, providing millions of users with commission-free trading of bitcoin and ether. Additionally, Fidelity has been expanding its crypto research team, demonstrating its commitment to the industry.Headquartered in Bermuda, Eight Road Ventures positions itself as a global venture capital firm that helps entrepreneurs scale. It backs and partners with game-changing technology and healthcare companies, with a presence in China, Europe, India, and Japan.Eight Roads has also been actively investing in various crypto startups, including Fireblocks and Kaiko. Kitazawa’s appointment is expected to bring significant value to the firm’s portfolio, leveraging his knowledge and insights gained from working in the cryptocurrency sector.Originally known as Fidelity Ventures, Eight Roads Ventures has been involved in investments since 1969, initially operating out of Boston. Recently, it launched a $350 million technology investment fund in China and a $250 million healthcare and life sciences fund in India, demonstrating an interest in pursuing emerging opportunities in Asia.Shifting strategic focus overseasWith the addition of Nao Kitazawa as a venture partner, Eight Roads Ventures reinforces its position as a leading investment firm with a keen interest in the evolving landscape of fintech, Web3, and cryptocurrencies. It’s likely that the firm recognizes what way the regulatory winds are blowing, and with that, it’s bringing on board someone of Kitazawa’s caliber, with expertise outside of the US.Against the backdrop of a currently adverse regulatory environment in the US, earlier this month US VC giant Andreessen Horowitz (a16z) opened its first international office in London, in what many perceived to be a move towards a more regulatory progressive environment relative to the emerging digital assets sector.

Blockchain Meat Marketplace MOOxMOO Achieves $30m in Distribution VolumeMOOxMOO, the blockchain-based meat marketplace platform operated by South Korea’s Life In Commerce, has surpassed a cumulative distribution volume of KRW 40 billion (approximately $30 million) since its launch in February of last year.Photo by Kyle Mackie on UnsplashRevolutionizing the meat industryLife In Commerce attributed this significant achievement to the use of blockchain technology on the platform. By leveraging smart contract and soulbound token (SBT) technology, MOOxMOO provides a supply and transactional platform that streamlines business-to-business (B2B) and business-to-consumer (B2C) transactions among participants of local meat supply chains, volume retailers, and retail customers.The platform essentially embeds wholesale and retail transaction information into smart contracts, which are impossible to tamper with once minted into immutable and non-transferrable SBTs.This makes MOOxMOO a transparent and decentralized distribution platform that offers various benefits like increased liquidity, faster transaction settlement times, and boosted security. It also addresses the issue of price deviations caused by market practices.In addition, MOOxMOO has its own utility token, MOOX, that can be used for deposits and transactions.The platform’s application of blockchain technology has revolutionized the meat distribution industry by breaking away from common problems such as unfair pricing. As a result, it has not only enhanced price competitiveness but also built a reputation for trustworthiness among consumers.Future plansLife In Commerce has ambitious plans to enhance the platform further. They are currently developing a new B2B platform that will utilize the weight of transaction credits using SBT in the trade of raw materials required for meat processing and distribution. This will offer additional benefits to suppliers and buyers.

Nomura Subsidiary Achieves In-Principle Approval in Abu DhabiThe digital assets subsidiary of Japanese financial services conglomerate Nomura has been granted in-principle approval by the Abu Dhabi Global Market (ADGM) to offer broker-dealer and asset/fund management services for both digital and traditional assets.Photo by Belinda Fewings on UnsplashPreliminary license to tradeThe development is a shot in the arm for Laser Digital Asset Management while serving to highlight Abu Dhabi’s growing prominence as a global center for digital assets, attracting prominent players such as Binance and Kraken.Led by CEO Jez Mohideen, Laser Digital is now on the path toward securing full financial services authorization in Abu Dhabi, subject to meeting undisclosed conditions specified in the approval. The company is enthusiastic about the ADGM’s transparent and comprehensive regulatory framework.Speaking to that, Mohideen stated: “We are thrilled to be part of their comprehensive and clear regulatory framework, which is creating a global hub for digital assets.”International free zoneThe ADGM, an international financial free zone situated in Abu Dhabi, covers nearly 15 square kilometers across two islands. It hosts a registration authority, regulatory authority, and a court system functioning under common law principles. This favorable regulatory ecosystem has been instrumental in attracting digital asset firms to establish a presence in the UAE’s capital.Laser Digital’s approval follows a series of recent cryptocurrency-related approvals in Abu Dhabi. Zodia Markets, backed by UK bank Standard Chartered, was recently granted permission to operate as a crypto broker, adding to the growing list of companies making strides in the region.Binance, one of the world’s largest cryptocurrency exchanges, received in-principle approval from the ADGM in April 2022 and subsequently obtained full financial services permission in November of the same year. Kraken, along with firms like UAE-based M2 and Bahrain-based Rain, have also received permissions to operate within the ADGM in recent years.Building on Dubai achievementLaser Digital’s approval in Abu Dhabi comes on the heels of its earlier achievement of obtaining an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). Alongside these regulatory milestones, Laser Digital introduced an institutional Bitcoin Adoption Fund in August. Despite its relatively short existence since its establishment in September 2022, the firm has made significant strides.Nomura’s engagement extends beyond Laser Digital, as it is also part of the Komainu joint venture alongside cryptocurrency firms CoinShares and Ledger. Komainu secured its operating license from Dubai’s VARA in August, contributing to the expanding community of crypto-focused businesses in the region.It is worth noting the UAE’s diversified approach to cryptocurrency regulation, offering five distinct regulatory regimes for cryptocurrencies, including the ADGM and VARA. Legal experts from White & Case have recently assessed these regulatory frameworks, highlighting the UAE’s commitment to fostering a progressive and well-regulated environment for digital assets.Nomura’s Laser Digital is well-positioned to play a pivotal role in the digital asset sector in Abu Dhabi, given that it’s leveraging the favorable regulatory environment of the ADGM and the UAE’s dedication to becoming a global digital asset hub.